Shares of Microsoft Corp.
are up 0.8% in premarket trading Monday after Wedbush analyst Daniel Ives added the stock to his firm’s “best ideas” list, citing major cloud opportunities in the near future. “Microsoft remains in an enviable position heading into the next 12 to 18 months on the heels of its cloud success and is firing on all cylinders around its Office 365 and Azure strategic vision based on our recent checks in the field,” Ives wrote. He said that Microsoft’s Azure is “starting to close the gap” with Amazon.com Inc.’s [s; amzn] AWS, considered the market leader. Ives has an outperform rating and $140 target on the stock. Microsoft shares have risen 7.7% over the past three months, as the Dow Jones Industrial Average
has gained 7.2%.
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